Headlam ahead 17% on UK sales
January 27, 2022
Europe's top flooring distributor Headlam plc has report a strong performance for 2021 with UK sales up 15.5% and with a positive start to 2022.
In a trading update to shareholders, Headlam reported 2021 revenue of £667.2 million (2020: £578.1 million) with underlying profit before tax expected to be slightly ahead of market expectations.
Both the UK and Continental Europe performed well, up 16.5% and 15.1% respectively against 2020 on a like-for-like revenue basis.
The company has a robust cash position. It said: "Actions taken under the business change programme helped to improve operating efficiency and operating margin during the year, with strong cash generation. Closing net funds was in excess of £53 million."
Commenting on first trading weeks of the new year, Headlam said: "Early trading in 2022 has been encouraging, and the Company has continued to be able to largely mitigate the persisting industry wide supply issues and associated inflationary pressures."
The company's final results for the year ended 31 December 2022 will be announced on 9 March 2022.
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